Aussies Demand Affordable Financial Guidance Amid Cost Pressures

1

With three-quarters of Australians aged 18 to 64 expressing anxiety over rising living costs, there is a growing demand for affordable financial assistance. The report also notes that not all Australians require sophisticated financial strategies, with many needing straightforward guidance to navigate economic uncertainties.

A striking 72% of respondents advocate for financial advice priced in alignment with consumer needs, emphasizing the demand for simplified service models. Meanwhile, 26% of past adviser clients noted they discontinued services due to perceived obsolescence, suggesting new advisory frameworks could foster client retention.

The study also reveals significant barriers preventing individuals from seeking professional advice, with 36% citing unaffordability and 34% feeling the expense outweighs potential benefits. Additionally, 30% regard their own financial situations as insufficiently complex to necessitate external guidance. Misunderstandings linger, as 13% of respondents acknowledge unawareness of advice benefits, and 8% are unsure of how to engage advisory services. Alarmingly, 18% have never even considered consulting a financial adviser.

The Delivering Better Financial Outcomes reforms aim to enhance the reach and affordability of financial advice. CFS's superannuation CEO, Kelly Power, underscores this initiative's critical nature amid Australia’s demographic shift toward retirement. Power asserts that, with governmental continuity, there is a pivotal moment to finalise reforms, facilitating broader access to professional financial advice as the Australian populace ages.

Published:Wednesday, 4th Jun 2025
Source: Paige Estritori

Share this news item:

Finance News

Clear

Improving EOFY Planning: The Call for ATO Portal Access for Advisers 09 Jul 2025: Paige Estritori In a recent discussion, James O'Reilly, Director and Financial Planner at Northeast Wealth, underscored the benefits that could come from granting financial advisers access to the Australian Taxation Office (ATO) portal. Speaking on The ifa Show, O'Reilly proposed that this access would significantly simplify the services financial advisers provide to clients, particularly at tax time and the end of the financial year (EOFY). - read more

RBA Holds Rates Steady, Shocking Markets and Shifting Economic Expectations 09 Jul 2025: Paige Estritori The Reserve Bank of Australia (RBA) has decided to keep the official cash rate steady at 3.85%, taking many by surprise after expectations of a 25-basis-point cut had built up in financial circles. This unexpected move comes amid recent data indicating easing inflation and weaker than anticipated economic growth, conflicting with prior predictions of a cut. - read more

RBA to Continue Interest Rate Cuts Amid High Unemployment 08 Jul 2025: Paige Estritori The Reserve Bank of Australia (RBA) is anticipated to maintain its trajectory of incremental interest rate reductions, according to insights from leading financial analysts at ANZ. Recent data from the ANZ-Indeed Australian Job Ads series revealed a rise from 114.8 in May to 116.9 in June, suggesting a potential rebound in job advertisements after previous declines. Despite a stable unemployment rate and hours-based underutilisation rate since mid-2024, the Australian labour market remains strained. - read more

RBA Poised for Cash Rate Cut Amid Inflationary Trends 07 Jul 2025: Paige Estritori As the Reserve Bank of Australia (RBA) prepares for its forthcoming monetary policy announcement, economic analysts anticipate a further reduction in the official cash rate by 25 basis points. This prediction, supported by Finder’s RBA Cash Rate Survey, reveals that 88% of participating experts foresee a cut that would lower the interest rate to 3.6%, aligning the decision with the recent decline in both headline and core inflation to the central bank's target range of two to three percent. - read more

Uncovering the Impact of Unsolicited Solar Sales on Consumers 04 Jul 2025: Paige Estritori In a concerning revelation, Australian retiree Christine Hirchfield shares her ordeal with an unsolicited solar installation that turned into a financial nightmare. Despite her initial enthusiasm for cheaper energy bills and a greener home, the project remains incomplete more than a year later. Consumer groups are now advocating for a nationwide prohibition on deceptive sales practices that target vulnerable consumers like Ms Hirchfield. - read more